(John Kemp is a Reuters market analyst. The views expressed are his own.)
FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS/Brendan McDermid/File Photo
Portfolio managers last week sold Brent , U.S. gasoline , U.S. heating oil and European gasoil as the consumption outlook deteriorated. If “structural” long and short positions are excluded from the analysis, fund managers are running a dynamic net long of only 52 million barrels. But consumption growth is decelerating even more quickly, with most major advanced economies and emerging markets now either in recession or on the brink of it.
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